• GBPAUD reversed from resistance area
• Likely to fall to support level 29000.00
GBPAUD currency pair recently reversed down from the resistance area lying between the key resistance level 1.8320 (which stopped wave 2 at the end of November, as can be seen from the daily GBPAUD chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse waves (iii) and C.
Given the strength of the aforementioned resistance area and the overbought daily Stochastic – GBPAUD currency pair can be expected to fall further toward the next round support level 1.8200 (former minor resistance level from the start of May).